Other News Releases in Computer Electronics
Market Analysis on Chinese Printed Circuit Board and Equipment Market
ClearOne Granted Amended Permanent Injunction Order in Federal Trade Secret Misappropriation Case; Contempt Order Issued Against DialHD, Inc., Wideband Solutions, Inc., and Others
ArchAngel Partners Announces the Opening of Sister Company Poway Weapons & Gear
Other News Releases in Earnings
Escalon(R) Reports First Quarter Fiscal 2010 Results
Electronic Game Card, Inc. Files 10-Q for Period Ending September 30, 2009
Wolverine Tube Reports 2009 Third Quarter Results
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
See more news releases in: Computer Electronics, Computer Hardware, Computer Software, Consumer Electronics, Networks, Earnings
RiT Technologies Reports Q1 2009 Results
Revenues for the first quarter of 2008 were
Comments of Management
"Our first quarter results were far below our expectations, reflecting
the severity of the global credit crunch and the uncertainty that has gripped
our target markets, causing potential customers to freeze and/or delay
infrastructure initiatives," commented Mr.
"Although it is difficult to make projections regarding our future performance, we have cause for cautious optimism regarding the second half of the year. This reflects several encouraging factors:
- Sales pipeline: Our sales pipeline continues to include
significant opportunities on both the Enterprise and Carrier sides of
our business.
- Professional services: We have begun rolling out our
Professional Services strategy and expect to enjoy the contribution of
Professional Service revenues beginning in the second quarter.
- Tight control of the company expenses: We are focusing on
preserving our cash flow to minimize the cash flow burn."
Mr. Kovarsky concluded, "As such, despite the continued uncertain market conditions, our Management and Board of Directors remain confident that we will be able to ride out today's difficult environment and rebound strongly as markets recover."
Conference Call Details
The Company will host a conference call to discuss these results today,
10:00 a.m. Eastern Daylight Time
9:00 a.m. Central Daylight Time
8:00 a.m. Mountain Daylight Time
7:00 a.m. Pacific Daylight Time
17:00 Israel Time
To participate, please call one of the following teleconferencing numbers approximately 5-10 minutes prior to the scheduled start of the call:
U.S. (toll free) - 1-888-723-3164
International - +972-3-918-0664
To participate in the webcast of the call, please log-in about 5-10 minutes prior to the start of the call as follows: http://www.videonewswire.com/event.asp?id=58408
For those unable to participate, the teleconference will be archived for replay for 14 days at the same url address, beginning 12 o'clock noon (EDT) the day of the call. Note: Participants in the webcast may submit questions to be addressed in the conference call in advance by email to: simonag@rit.co.il, by phone: +972-3-766-4249 or fax: +972-3-647-4115.
About RiT Technologies
RiT is a leading provider of intelligent solutions for infrastructure management, asset management, environment and security, and network utilization. RiT Enterprise solutions address datacenters, communication rooms and workspace environments, ensuring maximum utilization, reliability, decreased downtime, physical security, automated deployment, asset tracking, and troubleshooting. RiT Environment and Security solutions enable companies to effectively control their datacenters, communications rooms and remote physical sites and facilities in real-time, comprehensively and accurately. RiT Carrier solutions provide carriers with the full array of network mapping, testing and bandwidth qualification capabilities needed for access network installation and service provisioning. RiT's field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world.
For more information, please visit our website: http://www.rittech.com
Safe Harbor Statement
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those in which we use the
words "believe," "anticipate," "expect," "plan," "intend," "estimate",
"forecast", "target", "could" and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. For example, when we discuss a field trial which could lead to a
multi-million dollar Carrier deal, we are using a forward looking statement.
While these forward-looking statements represent our current judgment of what
may happen in the future, actual results may differ materially from the
results expressed or implied by these statements due to numerous important
factors, including, but not limited to, those described under the heading
"Risk Factors" in our most recent Annual Report filed with the Securities and
Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented
in subsequent reports filed with the SEC. These factors include, but are not
limited to, the following: our ability to raise additional financing, if
required; the continued development of market trends in directions that
benefit our sales; our ability to maintain and grow our revenues; our
dependence upon independent distributors, representatives and strategic
partners; our ability to develop new products and enhance our existing
products; the availability of third-party components used in our products;
the economic condition of our customers; the impact of government regulation;
and the economic and political situation in
RiT TECHNOLOGIES LTD.
CONSOLIDATED BALANCE SHEETS (U.S GAAP)
(U.S dollars in thousands)
March 31, December 31,
2009 2008
(Unaudited) (Audited)
Assets
Current Assets
Cash and cash equivalents 4,264 6,111
Trade receivables, net 1,970 3,737
Other current assets 333 536
Inventories 4,409 3,978
Total Current Assets 10,976 14,362
Other Assets
Long term trade receivable 251 351
Long term investment 1,609 1,579
1,860 1,930
Property and Equipment
Cost 3,540 3,502
Less - accumulated depreciation 3,024 2,958
516 544
Total Assets 13,352 16,836
Liabilities and Shareholders' Equity
Current Liabilities
Trade payables 2,027 3,101
Other payables and accrued expenses 1,810 2,286
Total Current Liabilities 3,837 5,387
Long-term Liability
Liability in respect of employees'
severance benefits 2,039 2,076
Total Liabilities 5,876 7,463
Shareholders' Equity
Share capital 559 559
Treasury stock (27) (27)
Additional paid-in capital 36,742 36,681
Accumulated deficit (29,798) (27,840)
Total Shareholders' Equity 7,476 9,373
Total Liabilities and Shareholders' Equity 13,352 16,836
RiT TECHNOLOGIES LTD.
STATEMENTS OF OPERATIONS (U.S. GAAP)
(U.S dollars in thousands, except per share data)
For the three
months ended
March 31,
2009 2008
(unaudited) (unaudited)
Sales 1,585 4,792
Cost of sales 718 2,736
Gross profit 867 2,056
Operating costs and expenses:
Research and development 833 1,002
Sales and marketing 1,394 1,638
General and administrative 488 569
Total operating expenses 2,715 3,209
Operating Loss (1,848) (1,153)
Financial Income (Loss), net (110) 50
Net Loss (1,958) (1,103)
Basic and diluted net Loss
per ordinary share (0.09) (0.08)
Weighted average number of
ordinary shares, used to
compute basic and diluted
net loss per ordinary share 20,835,420 14,681,574
COMPANY CONTACT:
Simona Green
VP Finance
+972-3-766-4249
simonag@rit.co.il
SOURCE RiT Technologies Ltd